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is going to fall over this fiscal cliff. tax increases and budget cuts that hit at the beginning of the year, the countries, as you know, largest teachers union, they say that will mean 8% spending cuts for education, 80,500 job losses. what's your contingency plan? what happens to the department of education and public school education if we go over the fiscal cliff? >> it's very simple. children will get hurt. there's no upside to having many less children have access to head start. there's no upside in investing less in poor children, students with disabilities. there's no upside to seeing class size explode. no less side to less extra cricklers, no upside to having less access to pell grants so they can go to community college, tour year college, be a productive citizen and participate in the economy. we have to do the right thing. we fundamentallily think of education as investment, not expense. we have to invest in reform not in the status quo. >> would you think there's a risk we really go off the fiscal cliff? do you
is going to fall over this fiscal cliff. tax increases and budget cuts that hit at the beginning of the year, the countries, as you know, largest teachers union, they say that will mean 8% spending cuts for education, 80,500 job losses. what's your contingency plan? what happens to the department of education and public school education if we go over the fiscal cliff? >> it's very simple. children will get hurt. there's no upside to having many less children have access to head start....
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Sep 2, 2012
09/12
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CNBC
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will we fall off the fiscal cliff with the tax cuts set to expire in january? >> you know things are so bad in washington that people can't even agree if you're going to go over the fiscal cliff or run into it. so i don't see anything happening in the short term. if short term means before the election. if mitt romney wins, they just delay the whole thing in the next six to nine months, with the argument that the president should have a chance to put the budget together. the interesting thing is if obama wins, the white house indicates they're going to have negotiations with the republicans, and they're trying to make the fiscal cliff look -- trying to make the president look bold enough to go over the fiscal cliff as a bargaining tactic with the republicans. whether it works, gosh, i don't know. >> how do you read the difference between the president and mitt romney in their approach to fixing the deficit? especially when it comes to medicare? do you think either has a chance to repair that? >> well, i hope so because the program is broken. i wrote a column th
will we fall off the fiscal cliff with the tax cuts set to expire in january? >> you know things are so bad in washington that people can't even agree if you're going to go over the fiscal cliff or run into it. so i don't see anything happening in the short term. if short term means before the election. if mitt romney wins, they just delay the whole thing in the next six to nine months, with the argument that the president should have a chance to put the budget together. the interesting...
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Aug 12, 2012
08/12
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FOXNEWSW
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higher taxs and no attempt to fix the fiscal cliff. we need new partners to fix the mess. the president is not likely to change his tune and the senate not trying to fix it we are in an impasse. >> let's assume that the republicans don't have the house and senate . democrats don't have the white house and senate. that means a divided government . we are back to like in beginning in january or november . back to divided government and republicans saying, we have to laze tax . you guys say cut spending. >> we are -- >> what are we doing now. >> we need leaders who are willing to put up ideas. we passed the plan and budget and show the senate here's how we want to fix the problem. let's see yourr idea and start compromises. we have yet to see that. they have decided not to put the ideas on the table. you can't get to the table. >> that is going to have to happen . if we keep the same leader in the white house and senate, how would i know we will see anything different from them? we need to go to the country with the revverundum and tell people in washington to fix the mess be
higher taxs and no attempt to fix the fiscal cliff. we need new partners to fix the mess. the president is not likely to change his tune and the senate not trying to fix it we are in an impasse. >> let's assume that the republicans don't have the house and senate . democrats don't have the white house and senate. that means a divided government . we are back to like in beginning in january or november . back to divided government and republicans saying, we have to laze tax . you guys say...
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Aug 12, 2012
08/12
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FOXNEWSW
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higher taxs and no attempt to fix the fiscal cliff. we need new partners to fix the mess. the president is not likely to change his tune and the senate not trying to fix it we are in an impasse. >> let's assume that the republicans don't have the house and senate . democrats don't have the white house and senate. that means a divided government . we are back to like in beginning in january or november . back to divided government and republicans saying, we have to laze tax . you guys say cut spending. >> we are -- >> what are we doing now. >> we need leaders who are up i. we passed the plan and budget and show the senate here's how we want to fix the problem. let's see yourr idea and start compromises. we have yet to see that. they have decided not to put the ideas on the table. you can't get to the table. >> that is going to have to happen . if we keep the same leader in the white house and senate, how would i know we will see anything different from them? we need to go to the country with the revverundum and tell people in washington to fix the mess before it gets out of
higher taxs and no attempt to fix the fiscal cliff. we need new partners to fix the mess. the president is not likely to change his tune and the senate not trying to fix it we are in an impasse. >> let's assume that the republicans don't have the house and senate . democrats don't have the white house and senate. that means a divided government . we are back to like in beginning in january or november . back to divided government and republicans saying, we have to laze tax . you guys say...
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Nov 13, 2012
11/12
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MSNBC
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two parts of the fiscal cliff, are across the board cuts. we'll be able to come one an alternative way to reduce the deficit in a smarter way to avoid that. the tax piece is a lot tougher and a lot bigger, the president as you know, we should immediately act, we the congress, to extend tax relief for 98% of the american people. in fact, taxpayers would get tax relief on first 250,000 in income. if we want to address the long-term deficit, it has to do with the cliff. speaker boehner needs to come forward and put that on the table as the president has done. >> when the president meets with labor leaders, they're expected to pressure him to reject the cuts in medicare he offered to make the debt negotiations last summer. the reducing social security payme payments, are social security and medicare, are they back on the table this times around. >> with respect to medicare, we can achieve additional savings in medicare. we began to do that under the affordable care act. misinformation coming out of the republicans on the real savings that we ach
two parts of the fiscal cliff, are across the board cuts. we'll be able to come one an alternative way to reduce the deficit in a smarter way to avoid that. the tax piece is a lot tougher and a lot bigger, the president as you know, we should immediately act, we the congress, to extend tax relief for 98% of the american people. in fact, taxpayers would get tax relief on first 250,000 in income. if we want to address the long-term deficit, it has to do with the cliff. speaker boehner needs to...
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Dec 7, 2012
12/12
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simpson, if we go up the fiscal cliff simpsons are hit the hardest. the taxes go up 9,000%. writers of the simpson, the taxes will skyrocket. this isn't a joke. >> bob: you are right. but this is not going to happen. there is adjustment to social security. real cuts. >> eric: you know what -- >> bob: can i say something? >> eric: you add ornaments to add things. in obama added this little thing the other day. he said i don't want a debt ceiling or bound like it going for it. debt doesn't matter. >> bob: respond to the social security thing. >> eric: obama in october of 2008 before he was president obama. season. >> the way bush has done it, over the last eight years is to take out a credit cardback of china in the game of the children, driving up the national debt. that is irresponsible and unpatriotic. >> eric: unpatriotic. $5 trillion in debt. president obama will add ten, 11, 12 trillion in debt. when he is done with this. >> for years, president obama running when he was senator, running for president always said that the bush tax cuts were only for the rich and only ben
simpson, if we go up the fiscal cliff simpsons are hit the hardest. the taxes go up 9,000%. writers of the simpson, the taxes will skyrocket. this isn't a joke. >> bob: you are right. but this is not going to happen. there is adjustment to social security. real cuts. >> eric: you know what -- >> bob: can i say something? >> eric: you add ornaments to add things. in obama added this little thing the other day. he said i don't want a debt ceiling or bound like it going for...
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Dec 5, 2012
12/12
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CNNW
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the fiscal cliff, you go over the cliff, the taxes go up for every single person. is the plan then if you do a deal for taxes on the middle class, then de facto the taxes go up on the wealthy and sort of have a win/win for the democrats? is that the scenario we're looking at now? >> well, the scenario is that we still have time to put a deal together. the president has a detailed proposal on the table. republicans need to decide where they want to move. john boehner needs to decide how he will get his caucus together. they're becoming increasingly isolated in their position. hopefully we can have a deal which protects the middle class. there is a piece of legislation sitting in the house today that would prevent taxes from going up on 98% of the american people. 97% of small businesses. they should go ahead and move that. and then we can have a broader discussion of how we achieve larger deficit reduction and avoid the fiscal cliff. but there's plenty of room and plenty of time for compromise. the president's position is clear. we're not going to do anything that h
the fiscal cliff, you go over the cliff, the taxes go up for every single person. is the plan then if you do a deal for taxes on the middle class, then de facto the taxes go up on the wealthy and sort of have a win/win for the democrats? is that the scenario we're looking at now? >> well, the scenario is that we still have time to put a deal together. the president has a detailed proposal on the table. republicans need to decide where they want to move. john boehner needs to decide how he...
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Oct 20, 2012
10/12
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CSPAN
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the disco foot is about the taxes for the middle class -- the fiscal cliff is about the taxes for the middle class. if you raise the taxes at the individual level, [indiscernible] that ever recognizes is necessary. -- set everybody recognizes is necessary. [indiscernible] >> let's keep with the theme of the middle class and revenue for a moment. one of the more] interesting things to be merged this month out of the presidential and vice presidential debates was a statement by vice president biden where he used the $1 million income threshold rather than the $250,000 threshold that the white house had been using. where is that now? >> i have mostly been using the $250,000 income threshold and that does take care of a lot of american businesses. 97% of small businesses would not see their taxes go up. when he talks about affecting small businesses in our community, 97% of them are here -- are taking care of, unless he's talking about those who make $1 million after taxes. i actually propose a place we can go. we think this matters to our businesses and our workers. we think that it matt
the disco foot is about the taxes for the middle class -- the fiscal cliff is about the taxes for the middle class. if you raise the taxes at the individual level, [indiscernible] that ever recognizes is necessary. -- set everybody recognizes is necessary. [indiscernible] >> let's keep with the theme of the middle class and revenue for a moment. one of the more] interesting things to be merged this month out of the presidential and vice presidential debates was a statement by vice...
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Dec 6, 2012
12/12
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CNBC
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in a fiscal cliff free fall, tax rates on capital gains could rise to 24%. those dividends could increase to a whopping 44%. here now is former reagan economic adviser art laugher. how can you have capitalism without capital and why is there a war on capital, that includes cap gains, that includes dividends which will triple. it also includes the estate tax. why is there a war on capital? >> i have no idea, larry. i think it's just pure politics. but it's sort of lovely the words and looking them up. i understand that the french don't have a word for entrepreneur or laissez faire. [ laughter ] >> because they never use it. >> they never use it. economics is all about incentives. if you tax people who work, you pay people who don't work, don't be surprised if you find a lot of people not working. it's the rich issue here, which is just fascinating to me. if you tax rich people and give the money to poor people, you're going to get lots and lots of poor people and very few rich people. just look at what happened in britain two years ago when gordon brown raise
in a fiscal cliff free fall, tax rates on capital gains could rise to 24%. those dividends could increase to a whopping 44%. here now is former reagan economic adviser art laugher. how can you have capitalism without capital and why is there a war on capital, that includes cap gains, that includes dividends which will triple. it also includes the estate tax. why is there a war on capital? >> i have no idea, larry. i think it's just pure politics. but it's sort of lovely the words and...
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Jul 25, 2012
07/12
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of the fiscal cliff for tax cuts and spending programs that will happen automatically at the end of the year. >> i take issue where. >> wendy: that. >> do you expect either of these to pass both chambers of congress? where does this issue go? >> we announced a cupping weeks ago that we're extending all of the tax code for a year to do fundamental tax reform next year. the senate is trying to pre-empt that saying we'll do some rates and let the others go. horrible for economic growth and effective top marginal tax rate in jan. we're not going to mass that, you're not going to pass the one year extension. i think what this means is whoever wins this election will determine what this all looks like next year. >> but leaving people's lives in the balance -- >> i agree with that. >> no decision until after the election, then we're talking about a month and a half to get something done, that won't happen, it will be a 2013 affair. what happens to jobs and the economy in those months. >> you have to pass a budget that does that. the senate has not passed a budget in three years. again, we
of the fiscal cliff for tax cuts and spending programs that will happen automatically at the end of the year. >> i take issue where. >> wendy: that. >> do you expect either of these to pass both chambers of congress? where does this issue go? >> we announced a cupping weeks ago that we're extending all of the tax code for a year to do fundamental tax reform next year. the senate is trying to pre-empt that saying we'll do some rates and let the others go. horrible for...
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Oct 6, 2012
10/12
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we are here to discuss taxes and the fiscal cliff. as you well know, washington lives in support of everything that happens here. everything here is the biggest for the most important. how many times have you told that a politician is about to give the speech of his life until he gives the next speech. a taxgeddon has the possibility to be a watershed in fiscal policy. it could be another opportunity to kick the can down the road yet it could be a tipping point after a decade of fiscal gridlock. the tax policy center released a new study yesterday on the fiscal cliff will talk about the details but to summarize, it found that tax increases due to incur at the end of 2012, if the last through 2013, would raise taxes by $500 billion. the average household would pay about $3,500 more. the cbo says these tax hikes along with hundreds of billions of dollars in discretionary spending cuts will drive the economy back into recession and cost 2 million jobs. on the other hand, it would go a long way to reducing the budget deficit. even by wash
we are here to discuss taxes and the fiscal cliff. as you well know, washington lives in support of everything that happens here. everything here is the biggest for the most important. how many times have you told that a politician is about to give the speech of his life until he gives the next speech. a taxgeddon has the possibility to be a watershed in fiscal policy. it could be another opportunity to kick the can down the road yet it could be a tipping point after a decade of fiscal...
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Dec 16, 2012
12/12
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the clock is ticking, and we're not that far from december 31, the fiscal cliff. i think it is important that we kind of take a step back and remember what the fiscal cliff is all about. it is when the tax rate -- across the board, our current tax code expires. if congress does not take action, it would be a $3.5 trillion tax increase oned american people. it would impact nearly everyone. it would cost us two million jobs, a double-dip recession, and in addition to that, we also have see quest racial -- sequestration, which is looming. the across-the-board cuts would be a million jobs lost in the defense industry. there is a lot on our plate right now, and i think -- yes? >> do you think any progress has been made out of those meetings? i think the speaker and the president have tried to have a frank discussion but did not disclose any tangible progress made. do you have any reason to believe there has been proog -- progress? >> i haven't heard the details. in what the speaker has told me, he has been disappointed that the president seems to be heading in the oppo
the clock is ticking, and we're not that far from december 31, the fiscal cliff. i think it is important that we kind of take a step back and remember what the fiscal cliff is all about. it is when the tax rate -- across the board, our current tax code expires. if congress does not take action, it would be a $3.5 trillion tax increase oned american people. it would impact nearly everyone. it would cost us two million jobs, a double-dip recession, and in addition to that, we also have see quest...
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Oct 22, 2012
10/12
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FBC
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the fiscal cliff see that taxes go up talked-about payroll tax both embrace this is it a double whammy? >> the fiscal cliff is no joke. it could be the instant recession 2013 because of the tax increases but sharp spending cuts. missile outweigh the fed or who wins the election. the only uncertainty is the looming fiscal cliff. gerri: people on the street, ceo, they don't know what to expect. the five components improved? >> we did. security rebounded to the highest levels we have seen the housing market and the stock market performed well. nnw feeling better and with job security people feel more secure than they did also reporting a higher net worth. gerri: interesting findings. we appreciate your time. gerri: one doctor trying to get rid of obamacare. the recipient of one of the biggest bailouts wants a thank you. stay with us. what's next? he's going to apply testosterone to his underarm. axiron, the only underarm treatment r low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others thr
the fiscal cliff see that taxes go up talked-about payroll tax both embrace this is it a double whammy? >> the fiscal cliff is no joke. it could be the instant recession 2013 because of the tax increases but sharp spending cuts. missile outweigh the fed or who wins the election. the only uncertainty is the looming fiscal cliff. gerri: people on the street, ceo, they don't know what to expect. the five components improved? >> we did. security rebounded to the highest levels we have...
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Nov 23, 2012
11/12
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FOXNEWSW
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as we stare down the fiscal cliff, are your taxes going up? well, what about those taxes? >> they are going up definitely for higher income americans. if you are in the middle-class, i think it's safe to say that taxes will not go up because politicians on both sides. president, democrats and republicans are not going to allow that to happen. >> greta: unless they put a cap on deductions which is sneaky way they raise war taxes. so tax rates don't change but they get rid of some of your deductions. >> some the proposals is to cap deductions say at $50,000 a year. your home mortgage interest deduction, your ira deduction or even $25,000. both of those would raise, first one would raise about $750 billion, second one $1.2 trillion. let me say this -- most people do not pay that. most do that pay way under, probably 95 plus percent. >> it's a fraud over ten years, when they look at ten years, we're going to have one or two different presidents. that is numbers snu mbers? >> anybody that is looking at ten-year horizon is crazy. but the budget law requires them to do it. i agre
as we stare down the fiscal cliff, are your taxes going up? well, what about those taxes? >> they are going up definitely for higher income americans. if you are in the middle-class, i think it's safe to say that taxes will not go up because politicians on both sides. president, democrats and republicans are not going to allow that to happen. >> greta: unless they put a cap on deductions which is sneaky way they raise war taxes. so tax rates don't change but they get rid of some of...
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Nov 7, 2012
11/12
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. >> tax reform takes a long time. you are going to the fiscal cliff in the short-term. but you are to lay out some kind of goals or parameters for the tax reform project which takes a year. >> bret: basically what we are looking at is another punt, to the spring, and promise to take up simpson-bowles or dome domeiniic-riblin or whatever. >> you don't want to negotiate tax reform in '8 # took a year, in month yeah you can't do. you punt it. with the understanding on all sides, which you can do in a month yeah is you do something along simpson-bowles. on that, you can get a national consensus and get us out of the immediate emergency. >> there will be skeptics who said that is what the super committee was supposed to do. >> the president just stood aside. now he has to go ahead and lead. beginning a second term. he can't allow it to start with a recession. he has something to compel him to go ahead and offer something like that kind of deal. >> i agree. for boehner, this is his legacy and paul ryan he wants to be the guy who was effective and maybe deal with the president
. >> tax reform takes a long time. you are going to the fiscal cliff in the short-term. but you are to lay out some kind of goals or parameters for the tax reform project which takes a year. >> bret: basically what we are looking at is another punt, to the spring, and promise to take up simpson-bowles or dome domeiniic-riblin or whatever. >> you don't want to negotiate tax reform in '8 # took a year, in month yeah you can't do. you punt it. with the understanding on all sides,...
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Oct 21, 2012
10/12
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CSPAN
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what's the fiscal cliff are the spending cuts and tax increases that will take effect at the end of the year unless congress and the president finds another way to reduce the deficit. about congressman chris van hollen made an interesting point where neither democrats or republicans want the spending cuts. he suggested they might find a way to substitute some other spending cuts and get rid of that while continuing to run the argument over whether to extend the tax cuts for the rich. >> and what to expect a ban on tax rates, tax reform, bush era tax cuts? >> "it is the great unknown. i think that mitt romney wins, he is going to have the momentum that will push it into 2013. and they do that anyway, even if obama wins. but this election, both sides agree. whoever wins is going to be able to say, i have the mandate. this is a central issue, we have to do my plan. if it is obama, that will put republicans in the house and a very difficult place. will split the conference. there will be quite an uproar. >> what about the tax cut holiday? people have benefited from not for the last two year
what's the fiscal cliff are the spending cuts and tax increases that will take effect at the end of the year unless congress and the president finds another way to reduce the deficit. about congressman chris van hollen made an interesting point where neither democrats or republicans want the spending cuts. he suggested they might find a way to substitute some other spending cuts and get rid of that while continuing to run the argument over whether to extend the tax cuts for the rich. >>...
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Aug 23, 2012
08/12
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and what might happen if congress fails by the end of the year to avoid the so-called fiscal cliff over which tax cuts would expire and deep spending cuts would take effect. the noncongressional budget office warned about the consequences of financial tightening forecasting the u.s. economy would shrink by half a percent in 2013, unemployment jump back above 9% and could cost americans as many as 2 million jobs next year alone. cbo's forecast is gloomier than what it predicted three months ago and then reported that 2012 would be the fourth straight year with a deficit of more than $1 trillion. yesterday, mitt romney called the cbo report unacceptable and used the opening to turn the conversation back on the economy. >> when you look at all of the debt of the country it's about the size of our entire economy. this puts us on a path to become like europe. what's happening over there is that people have spent more than they have taken in year after year after year, borrowed more and more money, made promises they couldn't fulfill, and finally something which had to end did end. and what h
and what might happen if congress fails by the end of the year to avoid the so-called fiscal cliff over which tax cuts would expire and deep spending cuts would take effect. the noncongressional budget office warned about the consequences of financial tightening forecasting the u.s. economy would shrink by half a percent in 2013, unemployment jump back above 9% and could cost americans as many as 2 million jobs next year alone. cbo's forecast is gloomier than what it predicted three months ago...
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Aug 23, 2012
08/12
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CNBC
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is that threat of a fiscal cliff tax hiking recession starting to creep in to share prices? i noticed today prices went down. yesterday, prices went down after the cbo report. it looks like not even the fed's easy money is helping stocks. is it the recession? >> i don't want to blame any one day on the fiscal cliff. generally, as btig's chief strategist my job is to meet with clients fairly frequently and articulate our view on investments in the economy. i can say confidently that there is virtually no concern about the fiscal cliff. just about everybody thinks it will be kicked into the future anywhere from three to six months or so. no. i don't think it is impacting investor sentiment now. >> why is everybody buying gold? >> gold has more to do with the federal reserve. we get into something you and i can fight about. the last couple of days or weeks you have seen people come to the realization that another program at this point is more likely than not. probably not assured but more likely than not. you are seeing it in the gold price. >> we don't have time to argue tonig
is that threat of a fiscal cliff tax hiking recession starting to creep in to share prices? i noticed today prices went down. yesterday, prices went down after the cbo report. it looks like not even the fed's easy money is helping stocks. is it the recession? >> i don't want to blame any one day on the fiscal cliff. generally, as btig's chief strategist my job is to meet with clients fairly frequently and articulate our view on investments in the economy. i can say confidently that there...
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we begin with dana bash on the coming fiscal cliff when tax cuts expire and the budget cuts kick in. >> welcome to the capital. you heard everyone singing the kumbaya tune. but when you got down to the next center, of course there was a but, you heard john boehner in particular, talking about the fact that on the issue that has divided them over the past year or so on this fiscal cliff issue, taxes, saying very clearly he does not want to raise taxes. but he also put out an olive branch, anderson, he said maybe he would be for some kind of -- raising some kind of revenue. he didn't say what that means but talked about broad tax reform as it relates to entitlement reform. on the other side of the capital, you saw right over there, the senate majority leader harry reid feeling like he was leveraging here, it was a clear-cut issue, but also because of the mechanics of it. if nobody does anything, taxes for everybody will go up. so democrats realize that, they feel like any have leverage and they're probably right. >> and there's motivation to try to do something on that. >> exactly. >>
we begin with dana bash on the coming fiscal cliff when tax cuts expire and the budget cuts kick in. >> welcome to the capital. you heard everyone singing the kumbaya tune. but when you got down to the next center, of course there was a but, you heard john boehner in particular, talking about the fact that on the issue that has divided them over the past year or so on this fiscal cliff issue, taxes, saying very clearly he does not want to raise taxes. but he also put out an olive branch,...
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Nov 25, 2012
11/12
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CSPAN
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cliff and let all of the tax rates expire for all americans. what kind of an effect would that have on the economy and working people? >> we have been doing education on the impact. we expect millions of layoff notices. we think that there will be an overreaction by employers to try to imply more political pressure -- apply more political pressure. if we cannot achieve the goal of getting more revenue on the table, we will have to walk through that crisis. the way people react is, it has been bad enough. if there is a little bit more chaos, so be it. we know how to rally as the country, just like sandy showed. in order for us to get back to some way of fairness, we will have to weather the storm. the republicans think, if we push this into the new year, we will have a debate over the debt ceiling, and the leverage will be back in our court again. how do you sit? >> they have a choice right now to pass the extension of the middle-class tax cuts. they are going to cause the problem for the majority of americans by not securing economic security f
cliff and let all of the tax rates expire for all americans. what kind of an effect would that have on the economy and working people? >> we have been doing education on the impact. we expect millions of layoff notices. we think that there will be an overreaction by employers to try to imply more political pressure -- apply more political pressure. if we cannot achieve the goal of getting more revenue on the table, we will have to walk through that crisis. the way people react is, it has...
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Aug 22, 2012
08/12
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FOXNEWS
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cliff, when tax cuts expire at the end of the year. combined with cuts to spending analysts say we could enter another recession under the right circumstances, or the wrong ones, really, by next year. the numbers are providing plenty of fodder on the campaign trail. republicans have pounced on this report blaming president obama's economic policies. now, the white house is pointing fingers at g.o.p. saying and i quote, "they are willing to hold the middle class hostage unless we also give massive new tax cuts to millionaires and billionaires, tax cuts we cannot afford. it is the top story at the bottom the hour and ed henry is on this story, live on campaign trail. a reminder today there is a big mets back in your city, ed. >>reporter: that is right. way back in washington, dc, a fiscal mess. the president will get some of the blame as you mentioned. he campaigned four years ago saying he would cut the deficit in half. that has not happened but the c.b.o. said, also, today, that for the fourth straight year we will see federal budget d
cliff, when tax cuts expire at the end of the year. combined with cuts to spending analysts say we could enter another recession under the right circumstances, or the wrong ones, really, by next year. the numbers are providing plenty of fodder on the campaign trail. republicans have pounced on this report blaming president obama's economic policies. now, the white house is pointing fingers at g.o.p. saying and i quote, "they are willing to hold the middle class hostage unless we also give...
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at issue, the fiscal cliff, a doomsday law that hikes taxes and unleashes a wrecking ball of cuts by january 1st. so, i started by asking speaker boehner if this time, he and the now re-elected president are going to make a deal. what was the first word you said to yourself when you knew that the president was going to win again? >> the hand i was dealt. i'll play it. and i went to bed. >> reporter: right away? how early? >> 11:15. i saw the handwriting on the wall for a couple of hours. and at 11:15, race was, in my view, finished. i went to sleep. and slept like a baby. >> reporter: the fiscal cliff is looming. the president has said, do it now, let us get a deal, let us end this gridlock now. is it going to happen? >> i remain optimistic that we're going to be able to find common ground to avoid this fiscal cliff and find a way to work together. >> reporter: but by when? by january 1st? >> i would hope so. i don't -- >> reporter: the president is talking about specific increases, he campaigned on specific increases in tax rates from 35% to 39%, for those making more than $250,000.
at issue, the fiscal cliff, a doomsday law that hikes taxes and unleashes a wrecking ball of cuts by january 1st. so, i started by asking speaker boehner if this time, he and the now re-elected president are going to make a deal. what was the first word you said to yourself when you knew that the president was going to win again? >> the hand i was dealt. i'll play it. and i went to bed. >> reporter: right away? how early? >> 11:15. i saw the handwriting on the wall for a...
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fiscal cliff. our guest is republican representative tom cole of oklahoma, a member of the appropriations and budget committee. also joined by georgetown university tax law professor john buckley on how the alternative minimum tax is affecting fiscal negotiations. "washington journal" is next. ♪ ♪ host: 25 days to go before the united states faces the fiscal cliff, the white house has rejected a proposal from house republicans to prevent tax hikes and spending cuts at the end of the year. no formal talks between the two sides are scheduled today. will go outside the nation's capital to get your voice involved. republicans -- democrats -- independents -- send us a tweet, post your comments on facebook, or send us an e-mail. we begin with some of the papers across the country today and how this latest proposal from house republicans is playing out in the papers. courtesy of "the atlantic journal-constitution" -- here is "the denver post" -- finally, here is "of the arizona republic" -- here is "t
fiscal cliff. our guest is republican representative tom cole of oklahoma, a member of the appropriations and budget committee. also joined by georgetown university tax law professor john buckley on how the alternative minimum tax is affecting fiscal negotiations. "washington journal" is next. ♪ ♪ host: 25 days to go before the united states faces the fiscal cliff, the white house has rejected a proposal from house republicans to prevent tax hikes and spending cuts at the end of...
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and that's one of the pieces that makes the fiscal cliff so steep. so if that is invalidated, it won't hurt quite as much when we go over that cliff. >> i think it will be very good news for the economy if the whole wall was struck doub. now, the conventional wisdom is that the wall will stand. the con vingsal wisdom among attorneys is that the wall will stand. i'm on a capitalist. i grew up in an era when there was no health insurance and i was the oldest of six and we always had the doctor at the house. we managed to survive. we were not rich. i think a spend more out of pocket and you have maybe catastrophic insurance for the big stuff and you negotiate with the doctor for your treatments and you don't go for silly treatments that you may not need in the first place. we all know what they are. i won't embarrass the medical profession. but, you know, with insurance, we're being treated for things we really don't have to be treated for today. and that jacks up costs. so i think the best way is to get back to the nation's capitalistic roots and get a
and that's one of the pieces that makes the fiscal cliff so steep. so if that is invalidated, it won't hurt quite as much when we go over that cliff. >> i think it will be very good news for the economy if the whole wall was struck doub. now, the conventional wisdom is that the wall will stand. the con vingsal wisdom among attorneys is that the wall will stand. i'm on a capitalist. i grew up in an era when there was no health insurance and i was the oldest of six and we always had the...
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that's why there isn't going to be a fiscal cliff. you've got tax hikes next year from obama care, 3.8% tax hike on all the investments, and capital gains going up, different going up, inheritance tax. we're taxing or capital, taxes our seed corn. how you will that affect all this? >> that means you don't get to your gdp, but you have good things going on in housing. if you look at the core logic numbers this past month, that's very encouraging. in the face of all this, we have four years highs in consumer confidence. to me there are pockets in the manufacturing sector that have siege a resurgence, construction, grid repair, a lot of these power energy management solutions, kind of making these more efficient, if you will. there are some areas that will do better next year. that's where you want to investivities let's put the fiscal cliff aside, because they are not going to let the tax cuts expire. i'm here, i've been in politics for a long time. they won't do it. where would you invest? you sound pretty optimistic. where would you i
that's why there isn't going to be a fiscal cliff. you've got tax hikes next year from obama care, 3.8% tax hike on all the investments, and capital gains going up, different going up, inheritance tax. we're taxing or capital, taxes our seed corn. how you will that affect all this? >> that means you don't get to your gdp, but you have good things going on in housing. if you look at the core logic numbers this past month, that's very encouraging. in the face of all this, we have four years...
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so is president obama already making concessions to avoid the looming tax and fiscal cliff or just playing election politics. take a look at what he told cbs yesterday. >> so i'm more than happy to work with the republicans. what i've said in in reducing our deficits, we can make sure we cut 2 w1/2 dollars for ever are dollar of increased revenue. >> we will go to our distinguished house members in just a moment to talk about this. first up, here to discuss the politics and impact the government has on the stock market is our great friend, jim yo urio, optimally, what do you want to hear from these guys? >> we won't hear any work will be done on the fiscal cliff before the election. i don't expect anything optimally, we won't repeal obama-care, this won't happen. we're is a situation now, this election is a referendum on regulation about corporate taxes. that's what we're voting on coming up here. i don't expect anything today. >> the whole world is watching this and will walk away from this and a lot of stories. guys like me will revv this story up and talk about it. i don't know if the p
so is president obama already making concessions to avoid the looming tax and fiscal cliff or just playing election politics. take a look at what he told cbs yesterday. >> so i'm more than happy to work with the republicans. what i've said in in reducing our deficits, we can make sure we cut 2 w1/2 dollars for ever are dollar of increased revenue. >> we will go to our distinguished house members in just a moment to talk about this. first up, here to discuss the politics and impact...
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cliff where tax raises and spending cut could collide. >> mr. president, this is your moment and we're ready to be led. >> i am willing to discuss any issue. >> as mitt romney left bos a more difficult challenge perhaps then winning the white house. even republican elders say their party has big problems. >> inclusion is when you're in the meeting, which it inherently changes the tone of the meeting. >> congress reconvenes on tuesday and it will have to act faster on those financial issues we keep talking about. the landscape -- not drastically different. republicans will have to a poll done to the house, democrats the senate. there will be some changes in d.c. as the president will likely make announcements of new cabinet members over the coming weeks. >> scott, thank you. long lines at polling places yesterday. however turnout appears to be lower than it was four years ago. the associated press reports 14 million fewer people showed up to voted to four years ago. virginia, without releasing specifics, indicated that yesterday's turnout there w
cliff where tax raises and spending cut could collide. >> mr. president, this is your moment and we're ready to be led. >> i am willing to discuss any issue. >> as mitt romney left bos a more difficult challenge perhaps then winning the white house. even republican elders say their party has big problems. >> inclusion is when you're in the meeting, which it inherently changes the tone of the meeting. >> congress reconvenes on tuesday and it will have to act faster...
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a fiscal cliff.n debt limit, all the taxes hiked or not, we are facing a fiscal cliff. debt all the taxes hiked or not, we are facing a fiscal cliff.debt all the taxes hiked or not, we are facing a fiscal cliff. everybody knows we have to fix it, but nobody knows how. i believe as we get closer to the first of january, the markets will start to react because people will be so severely impacted by that's why they call it a cliff and they'll be severely impacted and i have every hope that we can sit done and reach an agreement. >> does that mean letting the bush tax cuts expire and letting payroll tax cuts sunset? >> it means we put everything on the table. >> he's basically saying i expect markets to force us to come to an agreement. >> we think there will be a very dark moment before things actually are forced to come to fruition. we did an analysis of the fiscal cliff, we think it's about $703 billion maximum hit. that's about 4.5% of gdp. based on on various issues that we know are up on the fiscal cliff and what we know obama supports and what we think romney will su
a fiscal cliff.n debt limit, all the taxes hiked or not, we are facing a fiscal cliff. debt all the taxes hiked or not, we are facing a fiscal cliff.debt all the taxes hiked or not, we are facing a fiscal cliff. everybody knows we have to fix it, but nobody knows how. i believe as we get closer to the first of january, the markets will start to react because people will be so severely impacted by that's why they call it a cliff and they'll be severely impacted and i have every hope that we can...
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the fiscal cliff. especially a potential massive tax hike. the congressional budget office says there is a recession out there in the first half of 20 # p 13 p. this country cannot take another recession after what we have been through with the bad recession, the anemic recovery. what's going to happen? what's your forecast of dealing with the fiscal cliff? are we going to have to wait for russian roulette after the election? >> no. but, larry, this all does underscore the import of this election. these are the stakes. do we want an america where individuals, small business owners, working families can dream the big credreams and go about earning success or do we want a government that will suck more out of the private sector and have washington determine capital. >> can we stop a $450 billion tax hike with higher marginal tax rates on investor, small business owners, plus obamacare has another 4% on successful business owners. can you stop that? >> larry, if we want to grow america again we've got to elect mitt romney and paul ryan. period,
the fiscal cliff. especially a potential massive tax hike. the congressional budget office says there is a recession out there in the first half of 20 # p 13 p. this country cannot take another recession after what we have been through with the bad recession, the anemic recovery. what's going to happen? what's your forecast of dealing with the fiscal cliff? are we going to have to wait for russian roulette after the election? >> no. but, larry, this all does underscore the import of this...
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i reject the idea that the only way to aavoid the fiscal cliff is to raise taxes. without a bold idea we will not be back on the right track. we're be at the edge of the cliff in a matter of years. i'm up not interested in short-term political deals. we need long-term solutions. >> we absolutelies need long-term solutions, but the president was clear in terms of what he wanted. you know what i hope to see from speaker boehner this year? i hope he has the courage to move forward and say not all of my caucus will agree. let me take the more moderate members of my caucus and strike a deal with the democrats. >> what are the odds of that happening. no disrespect in that question but what is the likelihood? do you believe that you would hear something like that? >> let me tell you, i do think there's a likelihood from that. what i read about the conference call that happened in the republican caucus is members of the caucus said you know what? we have to give the speaker some room. last year -- or rather this year they were just extreme in terms of they all had to jump
i reject the idea that the only way to aavoid the fiscal cliff is to raise taxes. without a bold idea we will not be back on the right track. we're be at the edge of the cliff in a matter of years. i'm up not interested in short-term political deals. we need long-term solutions. >> we absolutelies need long-term solutions, but the president was clear in terms of what he wanted. you know what i hope to see from speaker boehner this year? i hope he has the courage to move forward and say...
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fiscal cliff. we're total any potential deals hinges on what happens in the meeting. details on that ahead. >>> a man under arrest at a police station struggles with cops, gets a gun and shoots three officers before they take him out. that's coming up. >>> an f.b.i.'s file on marilyn monroe minus main redactions. what the documents say about her suspected ties to communist. >>> that's all ahead unless breaking news changes everything on "studio b." >>> we begin with a fox urgent. i'm trace gallagher in for shepard smith. a face-to-face meeting at the white house getting under way right now. one that could determine whether or not our nation plunges right off the fiscal cliff. take a live look at the white house where president obama called the top house and senate leaders from both parties to try and hammer out a deal avoiding the tax hikes and crippling spending cuts. remember analysts say falling off the fiscal cliff could drive the u.s. into another recession. more than a month has passed since
fiscal cliff. we're total any potential deals hinges on what happens in the meeting. details on that ahead. >>> a man under arrest at a police station struggles with cops, gets a gun and shoots three officers before they take him out. that's coming up. >>> an f.b.i.'s file on marilyn monroe minus main redactions. what the documents say about her suspected ties to communist. >>> that's all ahead unless breaking news changes everything on "studio b."...